E3 LITHIUM ANNOUNCES UPSIZE OF BEST EFFORTS EQUITY FINANCING TO $10 MILLION

The Base Shelf Prospectus is accessible, and the Prospectus Supplement will be accessible within two business days, through SEDAR+

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

CALGARY, AB, Sept. 17, 2026 /CNW/ -- E3 Lithium Ltd. (TSXV: ETL) (FSE: OW3) (OTCQX: EEMMF) ("E3" or the "Company") is pleased to announce that due to strong investor demand, the Company has amended its agreement with ATB Cormark Capital Markets and Canaccord Genuity Corp. on behalf of a syndicate of agents (collectively, the "Agents") to increase the size of its previously announced "best efforts" public offering of units of the Company (each a "Unit") from gross proceeds of approximately C$8.5 million to gross proceeds of approximately C$10 million (the "Offering"). Under the Offering, the Agents have agreed to sell, on a "best efforts" basis, 11,115,000 Units at a price of C$0.90 per Unit (the "Offering Price"). Each Unit consists of one common share of the Company (a "Common Share") and one common share purchase warrant (a "Warrant"). Each Warrant shall entitle the holder thereof to purchase one common share of the Company (a "Warrant Share") at a price of C$1.10 per Warrant Share for a period of 36 months following the Closing Date (as defined below).

The Company has also granted the Agents an option (the "Over-Allotment Option"), exercisable at the Offering Price for a period of 30 days from and including the closing of the Offering, to purchase up to an additional 1,667,250 Units to cover over-allotments, if any, on the same terms as the Offering. Closing is expected on or about September 24, 2026 (the "Closing Date"), and is subject to regulatory approval including that of the TSX Venture Exchange.

The Company intends to use the net proceeds from the Offering to fund advancement of the Company's Clearwater Lithium Project and for general working capital purposes as set out in the Prospectus Supplement (as defined below).

The Units will be offered by way of a prospectus supplement (the "Prospectus Supplement") to the Company's existing Canadian base shelf prospectus dated July 23, 2026 (the "Base Shelf Prospectus"). The Prospectus Supplement will be filed in each of the provinces and territories of Canada, except Québec.

Access to the Prospectus Supplement, the Base Shelf Prospectus and any amendments thereto are provided in Canada in accordance with securities legislation relating to procedures for providing access to a shelf prospectus supplement, a base shelf prospectus supplement and any amendment to such documents. The Base Shelf Prospectus is, and the Prospectus Supplement will be (within two business days from the date hereof), accessible through SEDAR+ at www.sedarplus.ca. An electronic or paper copy of the Prospectus Supplement, the Base Shelf Prospectus and any amendment thereto may be obtained, without charge, from ATB Cormark Capital Markets by phone at [phone] or email at [email protected] by providing the contact with an email address or address, as applicable.

This press release is not an offer or a solicitation of an offer of securities for sale nor shall there be any sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.  The Units have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration.

About E3 Lithium

E3 Lithium is a development company with a total of 21.2 million tonnes (Mt) of lithium carbonate equivalent (LCE) Measured and Indicated mineral resources as well as 0.3 Mt LCE Inferred mineral resources in Alberta, comprised of (a) Measured and Indicated mineral resources of 16.2 Mt lithium at a grade of 75.5 mg/L within its Clearwater Project¹ and (b) Measured and Indicated mineral resources of 5.0 Mt lithium at a grade of 54.0 mg/L lithium and Inferred  mineral resources of 0.3 Mt lithium at a grade of 42 mg/L lithium within its Garrington District². The Clearwater Pre-Feasibility Study outlined a 1.13 Mt LCE proven and probable mineral reserve at a grade of 75.5 mg/L lithium with a pre-tax NPV(8%) of USD 5.2 Billion with a 29.2% IRR and an after-tax NPV(8%) of USD 3.7 Billion with a 24.6% IRR¹.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Unless otherwise indicated, Chris Doornbos, P.Geo., Chief Executive Officer and a Qualified Person under National Instrument 43-101, has reviewed and approved the technical information contained on this news release.

Forward-Looking and Cautionary Statements

This news release includes certain forward-looking statements as well as management's objectives, strategies, beliefs and intentions or forward-looking information within the meaning of applicable securities laws. Forward-looking statements are frequently identified by such words as "believe", "may", "will", "plan", "expect", "anticipate", "estimate", "intend", "project", "potential", "possible" and similar words referring to future events and results. Forward-looking statements are based on the current opinions, expectations, estimates and assumptions of management in light of its experience, perception of historical trends, and results of the Clearwater Pre-Feasibility Study, but such statements are not guarantees of future performance. In particular, this news release contains forward-looking information relating to: information concerning the Offering, including the jurisdictions in which the Units will be offered, the anticipated size of the Offering, and the completion of the Offering on the timeline indicated, or at all; the anticipated use of the net proceeds from the Offering; the grant of the Over-Allotment Option; and the conditions relating to completion of the Offering, including receipt of all necessary approvals.

In preparing the forward-looking information in this news release, the Company has applied several material assumptions, including, but not limited to, that any additional financing needed will be available on reasonable terms; the exchange rates for the U.S. and Canadian currencies will be consistent with the Company's expectations; that the current exploration, development, environmental and other objectives concerning the Demonstration Facility can be achieved and that its other corporate activities will proceed as expected; that general business and economic conditions will not change in a materially adverse manner; that all necessary governmental approvals for the planned activities on the Demonstration Facility will be obtained in a timely manner and on acceptable terms; and that all conditions precedent to completion of the Offering, including the receipt of all requisite approvals, will be satisfied in a timely manner.

All forward-looking information (including future-orientated financial information) is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, the effectiveness and feasibility of emerging lithium extraction technologies which have not yet been tested or proven on a commercial scale or on the Company's brine, risks related to the availability of financing on commercially reasonable terms and the expected use of proceeds; operations and contractual obligations; changes in estimated mineral reserves or mineral resources; future prices of lithium and other metals; availability of third party contractors; availability of equipment; failure of equipment to operate as anticipated; accidents, effects of weather and other natural phenomena and other risks associated with the mineral exploration industry; the Company's lack of operating revenues; currency fluctuations; risks related to dependence on key personnel; estimates used in financial statements proving to be incorrect; competitive risks and the availability of financing, as described in more detail in our recent securities filings available under the Company's profile on SEDAR+ (www.sedarplus.ca). Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law.

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¹ The technical report titled "Clearwater Project, NI 43-101 Technical Report on Pre-Feasibility Study, Bashaw District Mineral Property, Central Alberta, Canada", with an effective date of June 20, 2024, is available on the E3 Lithium's website (www.e3lithium.ca/technical-reports/) and under E3 Lithium's profile on SEDAR+ (www.sedarplus.ca)

² The technical report titled "NI 43-101 Technical Report for the Garrington District Lithium Resource Estimate", with effective date of June 25, 2025, is available on the E3 Lithium's website (www.e3lithium.ca/technical-reports/) and under E3 Lithium's profile on SEDAR+ (www.sedarplus.ca).

SOURCE E3 Lithium Ltd.

E3 Lithium - Investor Relations, Sarfraz Somani, CFA, [email protected], 587-324-2775; E3 Lithium - Media Inquiries, Sarfraz Somani, CFA, [email protected], 587-324-2775